California's hotel market - boom or bust?

Chip Conley is the founder and CEO of Joie de Vivre Hotels (often just called JDV), California's largest boutique hotel collection.

Closely dependent on the state's economic health, how will JDV fare now that California has hit on hard times?

Chip's article in The Hotel Yearbook is surprisingly upbeat. (Then again, maybe that's not very surprising...) Among other points he makes, he believes that in the current recesson, if consumers are staying a little closer to home, "I'd rather be a California hotelier than a Hawaii hotelier." Makes sense to me!

What do you think? Any California hoteliers out there who care to comment? How (and when) do you see the recovery coming about?